Multiple Choice Question for Principles of Accounting I Com Part 2 Test 3

Multiple Choice Question for Principles of Accounting I Com Part 2 Test 3

1. On the retirement of a partner full goodwill is credited to the accounts of

 
 
 
 

2. The figure of the credit purchase can be worked out

 
 
 
 

3. A remuneration paid by consignor to consignee for sale of goods is called

 
 
 
 

4. In the books of consignor the balance of consignment stock account would be shown

 
 
 
 

5. In the books of consignee, the expenses incurred by him on consignment are debited to

 
 
 
 

6. Share application account is the nature of

 
 
 
 

7. Consignment account is prepared by

 
 
 
 

8. Donation received in advance is called

 
 
 
 

9. In the absence of agreement partners shall

 
 
 
 

10. The liability of the shareholder of a public limited company is

 
 
 
 

11. Under straight line method of depreciation it

 
 
 
 

12. Outstanding subscription represents

 
 
 
 

13. Statement of assets and liabilities prepared under single entry system is called

 
 
 
 

14. Capital fund of non-trading concern is calculated

 
 
 
 

15. Cash paid to creditor can be worked out from

 
 
 
 

16. The excess of total assets over total liabilities of a concern is called

 
 
 
 

17. Receipt and payment is a summary of

 
 
 
 

18. On the admission of a new partner depreciation fund is transferred to

 
 
 
 

19. Liability of partners in partnership is

 
 
 
 

20. Joint Stock Company is an artificial person created by

 
 
 
 

21. Equity shareholders are of the company

 
 
 
 

22. Share Capital in the Balance Sheet is known as

 
 
 
 

23. Trial balance is not obtained in

 
 
 
 

24. If debit side of income and expenditure account is greater than credit side it represents

 
 
 
 

25. For a firm, interest on capital is

 
 
 
 

26. Loss by an accident is example of

 
 
 
 

27. A prospectus can be issued only by

 
 
 
 

28. Unrecorded liability when paid on dissolution of a firm is debited to

 
 
 
 

29. The institutions which deal in activities other than trade are called

 
 
 
 

30. Admission fee is called

 
 
 
 

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